As you know, the motto of the Tradesman's MBA is

So many times, we are so excited to get started that we neglect the most important part of any business: planning. Many new business owners don't realize that planning IS part of the process!

As you read in The Tradesman's MBA, knowing your market is absolutely key to serve your market. How can you serve your customers if you don't know who they are or what they want?

Just because you have opened for business doesn't require customers to buy your products or services!

There is a relationship between risk to your business success and the amount of planning you do. The more planning you do, the less risk you are likely to experience. As the boss, as your business's commander, it's your job to minimize risk as much as possible to help ensure success.

Talking about planning is all well and good, but where the rubber meets the road, how is it done?

1. Conduct Surveys and Interviews

Engaging directly with your market is one of the best ways to understand their needs and preferences. Create simple surveys or conduct interviews to gather feedback on your services. Ask questions about their pain points, what they value most, and how you can improve. This firsthand information is invaluable for tailoring your offerings and improving customer satisfaction. Use tools like Google Forms or SurveyMonkey to collect responses efficiently.

2. Analyze Competitor Strategies

Study your competitors to see what they’re doing right and where they’re falling short. Look at their marketing tactics, customer reviews, and service offerings. Identify gaps in their approach that you can fill. This analysis can provide insights into market trends and customer expectations. By understanding what works and what doesn’t, you can position your business more effectively and offer superior value to your customers.

3. Leverage Online Analytics

Use online tools to track and analyze data about your market. Google Analytics can provide detailed insights into your website traffic, helping you understand where visitors are coming from and what they’re looking for. Social media platforms also offer analytics to track engagement and audience demographics. These tools help you identify trends, measure the effectiveness of your marketing efforts, and make data-driven decisions to better serve your market.

4. Attend Industry Events and Networking Groups

Industry events, trade shows, and local networking groups are great opportunities to learn about market trends and connect with potential customers. Attend these events to gather insights from industry leaders and peers. Networking with other professionals can provide valuable perspectives and help you stay updated on the latest developments in your field. Plus, these interactions can lead to partnerships and new business opportunities.

5. Monitor Online Reviews and Feedback

Pay close attention to what customers are saying about your business and your competitors online. Reviews on platforms like Google, Yelp, and social media can offer a wealth of information about customer satisfaction and areas for improvement. Regularly monitor these reviews to identify common themes and address any recurring issues. Responding to feedback, both positive and negative, shows that you value your customers and are committed to continuous improvement.

Utilizing these five strategies will enable you to develop a thorough comprehension of your market, stay abreast of trends, and guarantee that your business adapts to the changing requirements of your customers.